Yahoo Finance Daily Market Forecast – US Dollar and Crude Oil Rise
EUR/USD: Euro Falls Again as U.S Dollars Surges
The Euro is trading slightly above the 1.22 level against the U.S Dollar. The resurgent strength in the U.S Dollar has been startling for some, but its recent trend may not be finished and the Euro may continue to weaken short term. Traders looking for reversals higher will need to be nimble and have deep pockets.
Gold: Sea of Pressure on Precious Metal
Gold is under a sea of pressure. The commodity is near 1327.00 U.S Dollars per ounce in early trading. Gold could remain in a bear mode as the U.S Dollar surges in forex. The precious metal has support near the 1323.00 juncture, and if that fails the next target for speculators will likely become the 1313.00 Dollar level.
U.S Crude Oil: Momentum and Robust Buying in Commodity
Another round of robust buying occurred on Monday for U.S Crude Oil as it challenges values not seen since late 2014. The commodity is slightly below the 69.00 U.S Dollars per barrel mark as of this morning. And traders looking for Crude Oil’s momentum to continue will not be faulted.
USD/JPY: Yen Breaks Important Mid-Term Resistance
The Yen has broken through key mid-term resistance as it has continued to weaken against the U.S Dollar. The Yen is slightly below the 109.00 level and traders may be tempted to look for additional weakness from the Japanese currency short term. The Nikkei Index has been stronger this morning too.
GBP/USD: Pound Weakness Remains in Vogue
Weakness in the Pound has remained in vogue as the British currency trades above the 1.39 level against the U.S Dollar. The Pound, like most major currencies, has faltered severely the past week as the U.S Dollar has built up steam. Speculators looking for additional downside may have the 1.38 juncture in view.
Yaron Mazor is a senior analyst at SuperTraderTV.
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This article was originally posted on FX Empire
